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ASHLAND, OHIO — Ashland Square, a 213,785-square-foot retail center located in Ashland, has been sold. Situated at 1971-2103 Baney Rd., the center was previously occupied by a Walmart until the mega retailer relocated a couple of years ago to the town's new retail corridor off of Interstate 71.

“We see that happen all the time in some older pockets of retail communities,” says Erin Patton, associate director of Marcus & Millichap's National Retail Group and one of the brokers involved in the sale. “People tend to pick up and leave for the newer area of town for retail.”

The relocation of Walmart dropped occupancy in the center to approximately 5 percent, which provided the perfect opportunity for a value-added acquisition. The undisclosed buyer of Ashland Square already owns a manufacturing facility in the area and is considering uses for the center that go beyond retail. The leases for the center's current tenants are set to expire in the next couple of years.

“[The seller] is a traditional retail property owner. They own a lot of shopping centers, and they know how to do shopping centers better than most people,” Patton says. “For them, I think they looked at Ashland Square and did not see what they specialize in as adding any value to the center.”

The property traded for $1.4 million. Patton and Scott Wiles, also of Marcus & Millichap, represented the seller. The buyer was represented by Tiffany Meyer with locally based Howard Hanna J.C. Meyer.

— Coleman Wood

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